ED jolt to YS Jagan Mohan Reddy

These are not the best of times for YSRC chief YS Jagan Mohan Reddy with more and more of his properties and that of his industrial beneficiaries being termed as proceeds of crime.

The Directorate of Enforcement (ED) has struck once again in the disproportionate assets case of YSRC Chief YS Jaganmohan Reddy. With the seizure of Rs. 216 crore of Ramky pharma city India Ltd, the total seizures cross Rs.1500 crore, say officials.

Based on the charge sheet filed by Central Bureau Of Investigation (CBI) that Ramky Pharma City India Ltd (RPCIL) has got undue benefit of 914 acres of land in Jawaharlal Nehru Pharma city in Visakhapatnam the ED has launched investigation under PMLA for provisional attachment of properties to the tune of Rs 216.18cr.

The ED probe revealed that the then YSRC government and the GVMC had favoured the RPCL by reducing Green Belt Area from 250 meters to 50 meters in the pharma city

According to a ED statement on Friday, the investigation revealed that due to reduction of green belt RPCIL has unduly gained 914 acres for which Ramky group invested Rs 10 crores in share capital of M/S Jagati publications Pvt Ltd (JPPL) of YS Jaganmohan Reddy. Out of the 914 acres the RPCIL converted 627 acres into industrial plots and sold or leased out plots to different Pharma companies.

The ED earlier has attached properties worth Rs 134 crores of RPCIL and also the Quid Pro Quo deal of Rs 10 crores of JPPL( Jagan company ).

Further investigations have revealed that about Rs 101 crores of properties equivalent to that of unduly gained properties were already sold. In addition, 16 plots of 159 acres worth Rs 115 cr, which are being sold, are also being identified as proceeds of crime. Accordingly immovable properties of Rs 216.18 crores have been attached provisionally now.

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